Bharti secures funds for Zain acquisition

New Delhi, Mar 21 (PTI) India's largest telco Bharti
Airtel Sunday said it has tied up USD 8.3 billion from a
clutch of foreign banks and State Bank of India to fund the
acquisition of Zain telecom's African assets, for which both
the companies are in exclusive talks till March 25.

"Bharti Airtel is pleased to announce that the entire
financing requirement of USD 8.3 billion for the proposed
acquisition of Zain's African unit (Zain Africa BV) has been
successfully tied up," the company said in a statement here
on Sunday.
"Financing was oversubscribed, with major international
banks committing to underwrite the total amount," the
statement added.
Bharti's lead-arranger and lead-advisor Standard
Chartered Bank has committed the highest amount at USD 1.3
billion followed by USD 0.9 billion by Barclays, sources close
to the development said, adding both have more capacity to
underwrite, if required.
While rest of the co-advisors--ANZ,BNP, Bank of America-
Merrill Lynch, Credit Agricole CIB, DBS, HSBC, Bank of Tokyo-
Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation--
have allocated USD 600 million each, the company added.
Bharti Airtel and Kuwait's Zain are into exclusive
discussions until March 25, for the acquisition of Zain's
African unit, based on an enterprise value of USD 10.7
billion. MORE PTI ANA

KAB


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